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Blue Label Ventures — the venture capital arm of SA listed Blue Label Telecoms — has acquired a 26% stake in a Mobii Systems, a Cape Town based firm that develops hardware and software solutions for the sports industry.
It’s not clear how much the VC paid for the stake in the deal which was concluded last month.
Mobii Systems was founded in 2008 by director Roderick Barrett, Brendan Barrett, and Anna Barrett. The firm, which employs a team of 16 employees, is led by CEO Richard Hartley.
Cape Town based Mobii Systems was founded in 2008 and is led by Roderick Barrett and Richard Hartley
The company’s main revenue streams are match game analytics and Internet of Things (IoT) enabled products.
Mobii System’s products are used in Australia, France, Switzerland and the UK.
Roderick Barrett said the firm, which prior to this deal has been bootstrapped by its founders, will use the investment to finance growth into the European and Australian markets.
Barrett explained that the company was introduced to Blue Label Ventures by Blue Label subsidiary Myrun which the company works with on community-based timed events.
New product launch in September
He said the firm has over the last two years been in a “very focused” research and development (R&D) phase with strategic partners to make their product range market ready.
Mobii Systems, Barrett said, will at the end of September launch its new Active Timing technology in France.
He added that the firm will soon launch a solar powered high tech device with multiple radio technologies used for activity and data monitoring in professional and recreational sport events, as well as Ski/MTB Park applications.
Blue Label Ventures co-founder Tallies Taljaard, commenting in an earlier statement today, said the firm identifies and invests in disruptive businesses that have the potential to reach new markets and achieve global success.
“Mobii’s team of engineers have, with very little funding, built two exciting and truly innovative applications that have massive potential to go global,” added Taljaard.
Taljaard added that the investment will enable Mobii Systems to grow and take advantage of opportunities for expansion into new markets.
“High-performance sporting technology is a global multi-billion-dollar industry that is still fragmented and under-served,” he pointed out.
Editor’s note (31 July 2019): The article has been updated to include comments from Mobii Systems director and co-founder Roderick Barrett.
Featured image: Screenshot www.mobii.com